Elements of Probability Theory

Ron C. Mittelhammer
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Ron C. Mittelhammer: Washington State University, School of Economic Sciences

Chapter 1 in Mathematical Statistics for Economics and Business, 2013, pp 1-44 from Springer

Abstract: Abstract The objective of this chapter is to define a quantitative measure of the propensity for an uncertain outcome to occur, or the degree of belief that a proposition or conjecture is true. This quantitative measure will be called probability and is relevant for quantifying such things as how likely it is that a shipment of smart phones contains less than 5 percent defectives, that a gambler will win a crap game, that next year’s corn yields will exceed 80 bushels per acre, or that electricity demand in Los Angeles will exceed generating capacity on a given day. This probability concept will also be relevant for quantifying the degree of belief in such propositions as it will rain in Seattle tomorrow, Congress will raise taxes next year, and the United States will suffer another recession in the coming year.

Keywords: Conditional Probability; Assembly Line; Mutual Fund; Sample Space; Subjective Probability (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4614-5022-1_1

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DOI: 10.1007/978-1-4614-5022-1_1

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